06 LC 18
4876
House
Bill 1042
By:
Representatives Williams of the
4th,
Dickson of the
6th,
and Forster of the
3rd
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 48-7-33 of the Official Code of Georgia Annotated, relating
to annual accounting periods, so as to provide for treatment of 52-53 week
taxable years; to provide for powers, duties, and authority of the state revenue
commissioner; to provide for applicability; to provide an effective date; to
repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 48-7-33 of the Official Code of Georgia Annotated, relating to annual
accounting periods, is amended by adding two new subsections at the end thereof
to be designated subsections (g) and (h) to read as follows:
∀(g)
The provisions of Internal Revenue Code Section 441(f) regarding the election of
a taxable year consisting of 52-53 weeks shall also apply for purposes of this
chapter. Accordingly, when the effective date or the applicability of any
provision of this chapter or any general law is expressed in terms of taxable
years beginning with reference to a specified date which is the first day of a
month, a 52-53 week taxable year shall be treated:
(1)
As beginning with the first day of the calendar month beginning nearest to the
first day of such 52-53 week taxable year; and
(2)
As ending with the last day of the calendar month ending nearest to the last day
of such 52-53 week taxable year.
(h)
The commissioner shall promulgate any rules and regulations necessary to
implement and administer this Code
section.∀
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval, and shall be applicable to all taxable years
beginning on or after January 1, 2006, and to all taxable years which pursuant
to Section 1 of this Act would be considered as beginning on January 1,
2006.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.